BREAKING: Head of Paramount Global Announces Company Layoffs

Paramount Global’s CEO, Bob Bakish, recently urged his team to prioritize "cost management" and earnings growth amidst anticipation of imminent layoffs and ongoing discussions about the company's future deals.

On Tuesday, Bakish formalized these efforts by announcing plans for approximately 800 job reductions in the United States and gradual cuts internationally. As of the company's last 10-K disclosure in December 2022, Paramount had approximately 24,500 employees. Bakish's memo aligns with the widely anticipated and substantial cost-cutting measures expected earlier this year as Wall Street assesses Paramount's viability as an independent entity.

CEO Bob Bakish has outlined a strategy that mirrors the grit and adaptability often depicted in Star Trek narratives. While the news of job cuts may sow seeds of uncertainty, Bakish's memo to employees strikes a tone of resolve and resilience, drawing parallels to the challenges faced by crews in the Star Trek universe.

Much like starship crews confronting unforeseen obstacles, Paramount finds itself navigating a tumultuous media landscape, marked by shifting consumer preferences and fierce competition in the streaming realm. The decision to trim operations reflects a harsh reality of fiscal restraint and a focus on short-term survival, reminiscent of the tough decisions made by Starfleet captains in times of crisis.

In his memo, Bakish underscores the need to balance revenue growth with cost containment, echoing the principles of efficiency and pragmatism embodied by characters like Captain James T. Kirk and Captain Benjamin Sisko. By leveraging Paramount's array of brands and content offerings, including CBS, Nickelodeon, and Paramount+, Bakish aims to steer the company through stormy waters, akin to navigating through hazardous sectors of space.

Furthermore, Bakish's mention of recent triumphs, such as the record-breaking viewership of Super Bowl LVIII and the return of Jon Stewart to The Daily Show, highlights Paramount's resilience in the face of adversity. Much like the crew of the USS Voyager banding together in the Delta Quadrant, Paramount employees are urged to support one another during this period of upheaval, fostering a sense of camaraderie amidst uncertainty.

The full note from Bakish reads,

Team,  

As we shared at Bob Live in January, returning our company to earnings growth is a top priority in 2024. This will require us to continue to grow revenue, while reducing costs. And unfortunately, part of streamlining costs means that today, we will begin the difficult process of saying goodbye to some of our very valued colleagues across Paramount.

We will be notifying impacted employees who are based in the U.S. by the close of business today. We’ll share details directly regarding next steps and will do all we can to support you during this time of transition.  

There will also be impacts in some of our offices based outside the U.S. Those notifications will occur over time in line with our local legal obligations in each of the countries where we operate. 

To those with whom we are parting ways, we are incredibly grateful for your hard work and dedication. Your talents have helped us advance our mission of unleashing the power of content around the world. We are a better company because of you. 

While I realize these changes are in no way easy, as I said last month, I am confident this is the right decision for our future. These adjustments will help enable us to build on our momentum and execute our strategic vision for the year ahead – and I firmly believe we have much to be excited about.  

We are coming off of a blockbuster event with Super Bowl LVIII that showcased the full power of Paramount. We’re launching a big slate of new and returning primetime programming on CBS, and last night marked the return of Jon Stewart to The Daily Show. We continue to release films, like Bob Marley: One Love this week, which reinforce our heritage as one of Hollywood’s most iconic movie studios. And we’re coming together as One Paramount more than ever, with continued commitment to our values, culture imperatives and fostering an inclusive workplace. 

We should all take time this week to support one another – our colleagues who will be impacted, as well as our teams remaining – in adjusting to this change. Speaking personally, I want our entire team to know that I am committed to sharing updates when we’re able to. 

As always, I am continually grateful for your commitment to our company. And I’m confident we will navigate this transition and emerge stronger than ever. 

Best, 

Bob

In the spirit of Star Trek's enduring message of resilience and fortitude, Paramount's strategic realignment serves as a stark reminder of the company's determination to navigate uncharted territories. As employees gird themselves for the trials ahead, they can take comfort in the knowledge that, like the intrepid explorers of the Final Frontier, they possess the strength and resilience to weather the storms that lie ahead.

The story is still unfolding so we will keep you informed of anything more that comes out like a possible merger with Warner Bros.